Intrinsic value of SJW Group - SJW

Previous Close

$66.46

  Intrinsic Value

$5.51

stock screener

  Rating & Target

str. sell

-92%

Previous close

$66.46

 
Intrinsic value

$5.51

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of SJW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.48
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  333
  446
  507
  571
  640
  712
  788
  868
  951
  1,038
  1,128
  1,223
  1,320
  1,422
  1,528
  1,638
  1,752
  1,871
  1,995
  2,123
  2,257
  2,396
  2,541
  2,692
  2,850
  3,014
  3,185
  3,364
  3,551
  3,747
  3,951
Variable operating expenses, $m
 
  324
  368
  415
  465
  518
  573
  631
  691
  755
  820
  889
  960
  1,034
  1,111
  1,191
  1,274
  1,360
  1,450
  1,544
  1,641
  1,742
  1,847
  1,957
  2,072
  2,191
  2,316
  2,446
  2,582
  2,724
  2,872
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  247
  324
  368
  415
  465
  518
  573
  631
  691
  755
  820
  889
  960
  1,034
  1,111
  1,191
  1,274
  1,360
  1,450
  1,544
  1,641
  1,742
  1,847
  1,957
  2,072
  2,191
  2,316
  2,446
  2,582
  2,724
  2,872
Operating income, $m
  93
  122
  138
  156
  175
  194
  215
  237
  260
  283
  308
  334
  360
  388
  417
  447
  478
  511
  545
  580
  616
  654
  694
  735
  778
  823
  870
  918
  970
  1,023
  1,079
EBITDA, $m
  139
  264
  300
  338
  379
  421
  466
  513
  563
  614
  668
  723
  781
  842
  904
  969
  1,037
  1,107
  1,180
  1,256
  1,335
  1,418
  1,504
  1,593
  1,686
  1,783
  1,885
  1,991
  2,101
  2,217
  2,338
Interest expense (income), $m
  24
  25
  32
  41
  50
  59
  69
  80
  91
  102
  114
  127
  140
  153
  167
  182
  197
  213
  229
  246
  264
  282
  301
  321
  342
  364
  387
  410
  435
  461
  488
Earnings before tax, $m
  86
  97
  106
  115
  125
  135
  146
  157
  169
  181
  194
  207
  221
  235
  250
  266
  282
  298
  316
  334
  352
  372
  392
  414
  436
  459
  483
  508
  535
  562
  591
Tax expense, $m
  33
  26
  29
  31
  34
  37
  39
  42
  46
  49
  52
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  100
  106
  112
  118
  124
  130
  137
  144
  152
  160
Net income, $m
  53
  71
  77
  84
  91
  99
  107
  115
  123
  132
  142
  151
  161
  172
  183
  194
  206
  218
  230
  244
  257
  272
  286
  302
  318
  335
  353
  371
  390
  410
  431

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,443
  1,670
  1,897
  2,140
  2,397
  2,667
  2,952
  3,250
  3,562
  3,887
  4,226
  4,579
  4,946
  5,327
  5,723
  6,135
  6,563
  7,008
  7,471
  7,952
  8,453
  8,974
  9,517
  10,083
  10,673
  11,288
  11,930
  12,601
  13,301
  14,033
  14,798
Adjusted assets (=assets-cash), $m
  1,437
  1,670
  1,897
  2,140
  2,397
  2,667
  2,952
  3,250
  3,562
  3,887
  4,226
  4,579
  4,946
  5,327
  5,723
  6,135
  6,563
  7,008
  7,471
  7,952
  8,453
  8,974
  9,517
  10,083
  10,673
  11,288
  11,930
  12,601
  13,301
  14,033
  14,798
Revenue / Adjusted assets
  0.232
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
Average production assets, $m
  134
  1,421
  1,615
  1,821
  2,039
  2,270
  2,512
  2,766
  3,031
  3,308
  3,596
  3,896
  4,208
  4,533
  4,870
  5,221
  5,585
  5,963
  6,357
  6,767
  7,193
  7,636
  8,098
  8,580
  9,082
  9,605
  10,152
  10,722
  11,318
  11,941
  12,592
Working capital, $m
  36
  -26
  -30
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -67
  -72
  -78
  -84
  -90
  -97
  -103
  -110
  -118
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -210
  -221
  -233
Total debt, $m
  448
  600
  755
  920
  1,096
  1,280
  1,474
  1,678
  1,890
  2,112
  2,343
  2,584
  2,834
  3,094
  3,364
  3,645
  3,937
  4,241
  4,556
  4,884
  5,226
  5,581
  5,952
  6,338
  6,740
  7,160
  7,597
  8,055
  8,532
  9,032
  9,553
Total liabilities, $m
  1,022
  1,139
  1,294
  1,459
  1,634
  1,819
  2,013
  2,217
  2,429
  2,651
  2,882
  3,123
  3,373
  3,633
  3,903
  4,184
  4,476
  4,780
  5,095
  5,423
  5,765
  6,120
  6,491
  6,876
  7,279
  7,698
  8,136
  8,594
  9,071
  9,570
  10,092
Total equity, $m
  422
  531
  603
  680
  762
  848
  939
  1,034
  1,133
  1,236
  1,344
  1,456
  1,573
  1,694
  1,820
  1,951
  2,087
  2,229
  2,376
  2,529
  2,688
  2,854
  3,026
  3,206
  3,394
  3,590
  3,794
  4,007
  4,230
  4,462
  4,706
Total liabilities and equity, $m
  1,444
  1,670
  1,897
  2,139
  2,396
  2,667
  2,952
  3,251
  3,562
  3,887
  4,226
  4,579
  4,946
  5,327
  5,723
  6,135
  6,563
  7,009
  7,471
  7,952
  8,453
  8,974
  9,517
  10,082
  10,673
  11,288
  11,930
  12,601
  13,301
  14,032
  14,798
Debt-to-equity ratio
  1.062
  1.130
  1.250
  1.350
  1.440
  1.510
  1.570
  1.620
  1.670
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.870
  1.890
  1.900
  1.920
  1.930
  1.940
  1.960
  1.970
  1.980
  1.990
  1.990
  2.000
  2.010
  2.020
  2.020
  2.030
Adjusted equity ratio
  0.294
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  71
  77
  84
  91
  99
  107
  115
  123
  132
  142
  151
  161
  172
  183
  194
  206
  218
  230
  244
  257
  272
  286
  302
  318
  335
  353
  371
  390
  410
  431
Depreciation, amort., depletion, $m
  46
  142
  161
  182
  204
  227
  251
  277
  303
  331
  360
  390
  421
  453
  487
  522
  558
  596
  636
  677
  719
  764
  810
  858
  908
  961
  1,015
  1,072
  1,132
  1,194
  1,259
Funds from operations, $m
  136
  213
  239
  266
  295
  326
  358
  391
  426
  463
  501
  541
  582
  625
  670
  716
  764
  814
  866
  920
  976
  1,035
  1,096
  1,160
  1,226
  1,295
  1,368
  1,443
  1,522
  1,604
  1,691
Change in working capital, $m
  22
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  114
  216
  242
  270
  299
  330
  362
  396
  431
  468
  507
  546
  588
  631
  676
  722
  771
  821
  873
  928
  984
  1,043
  1,105
  1,169
  1,236
  1,305
  1,378
  1,454
  1,533
  1,616
  1,703
Maintenance CAPEX, $m
  0
  -124
  -142
  -161
  -182
  -204
  -227
  -251
  -277
  -303
  -331
  -360
  -390
  -421
  -453
  -487
  -522
  -558
  -596
  -636
  -677
  -719
  -764
  -810
  -858
  -908
  -961
  -1,015
  -1,072
  -1,132
  -1,194
New CAPEX, $m
  -142
  -180
  -194
  -206
  -218
  -230
  -242
  -254
  -265
  -277
  -288
  -300
  -312
  -325
  -337
  -350
  -364
  -379
  -394
  -409
  -426
  -444
  -462
  -481
  -502
  -524
  -546
  -571
  -596
  -623
  -651
Cash from investing activities, $m
  -122
  -304
  -336
  -367
  -400
  -434
  -469
  -505
  -542
  -580
  -619
  -660
  -702
  -746
  -790
  -837
  -886
  -937
  -990
  -1,045
  -1,103
  -1,163
  -1,226
  -1,291
  -1,360
  -1,432
  -1,507
  -1,586
  -1,668
  -1,755
  -1,845
Free cash flow, $m
  -8
  -88
  -94
  -98
  -101
  -104
  -107
  -109
  -110
  -112
  -113
  -113
  -114
  -114
  -115
  -115
  -116
  -116
  -117
  -117
  -118
  -120
  -121
  -123
  -124
  -127
  -129
  -132
  -135
  -139
  -143
Issuance/(repayment) of debt, $m
  14
  144
  155
  165
  175
  185
  194
  203
  213
  222
  231
  241
  250
  260
  270
  281
  292
  303
  315
  328
  341
  356
  370
  386
  402
  420
  438
  457
  478
  499
  522
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  45
  144
  155
  165
  175
  185
  194
  203
  213
  222
  231
  241
  250
  260
  270
  281
  292
  303
  315
  328
  341
  356
  370
  386
  402
  420
  438
  457
  478
  499
  522
Total cash flow (excl. dividends), $m
  37
  56
  62
  68
  74
  80
  87
  95
  102
  110
  119
  127
  136
  146
  156
  166
  176
  187
  199
  211
  223
  236
  249
  263
  278
  293
  309
  325
  343
  361
  379
Retained Cash Flow (-), $m
  -38
  -68
  -72
  -77
  -82
  -86
  -90
  -95
  -99
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -223
  -233
  -243
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  3
  3
  4
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
Cash available for distribution, $m
 
  -12
  -11
  -9
  -8
  -6
  -3
  0
  3
  7
  11
  15
  20
  24
  30
  35
  40
  46
  52
  58
  64
  70
  77
  83
  90
  97
  105
  112
  120
  128
  136
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  -11
  -9
  -8
  -6
  -4
  -2
  0
  1
  3
  4
  4
  5
  5
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

SJW Group, formerly SJW Corp., is a holding company. The Company's subsidiaries include San Jose Water Company, SJWTX, Inc. and SJW Land Company. SJWTX, Inc. is doing business as Canyon Lake Water Service Company (CLWSC). It operates through the segments, which include Water Utility Services, Real Estate Services and All Other. Its Water Utility Services segment provides water utility and utility-related services to its customers through its subsidiaries, such as San Jose Water Company, CLWSC and TWA. The Real Estate Services segment includes property management and investment activity conducted by SJW Land Company. The Company's All Other segment includes its other business activities. San Jose Water Company distributes water to customers in accordance with accepted water utility methods. SJW Land Company owns undeveloped land, and owns and operates a portfolio of commercial buildings in the states of California, Texas, Arizona and Tennessee.

FINANCIAL RATIOS  of  SJW Group (SJW)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow -48.6
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio 0
Current Ratio 1
LT Debt to Equity 102.8%
Total Debt to Equity 106.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 45.9%
EBITDA Margin - 3 Yr. Avg. 43.4%
Operating Margin 27.4%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 25.3%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 15.6%
Net Profit Margin - 3 Yr. Avg. 14.8%
Effective Tax Rate 38.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 32.1%

SJW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJW stock intrinsic value calculation we used $389 million for the last fiscal year's total revenue generated by SJW Group. The default revenue input number comes from 2016 income statement of SJW Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SJW stock valuation model: a) initial revenue growth rate of 14.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for SJW is calculated based on our internal credit rating of SJW Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SJW Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SJW stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SJW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for SJW Group.

Corporate tax rate of 27% is the nominal tax rate for SJW Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SJW stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SJW are equal to 318.7%.

Life of production assets of 10 years is the average useful life of capital assets used in SJW Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SJW is equal to -5.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $463 million for SJW Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21 million for SJW Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SJW Group at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ [$$] Connecticut Water Opens Door to Counter Offers in SJW Deal   [May-31-18 04:49PM  The Wall Street Journal]
▶ [$$] California Water Takes SJW Offer Public   [12:18PM  The Wall Street Journal]
▶ [$$] California Water Made Takeover Bid for SJW   [12:06AM  The Wall Street Journal]
▶ SJW Group Announces Quarterly Dividend   [Apr-25-18 09:00PM  Business Wire]
▶ SJW: 1Q Earnings Snapshot   [07:19PM  Associated Press]
▶ [$$] California Water Made Takeover Bid for SJW   [06:44PM  The Wall Street Journal]
▶ [$$] Big Water Companies Set to Merge   [07:44AM  The Wall Street Journal]
▶ [$$] Big Water Companies Set to Merge   [01:47AM  The Wall Street Journal]
▶ SJW posts 4Q profit   [05:03AM  Associated Press]
▶ SJW Group Value Analysis (NYSE:SJW) : December 14, 2017   [Dec-14-17 02:43PM  Capital Cube]
▶ 3 Unknown but Amazing Dividend Stocks   [Nov-17-17 09:19AM  Motley Fool]
▶ What Is SJW Groups (SJW) Share Price Doing?   [Oct-30-17 12:51PM  Simply Wall St.]
▶ SJW posts 3Q profit   [Oct-25-17 06:56PM  Associated Press]
▶ Is It The Right Time To Buy SJW Group (SJW)?   [Sep-20-17 07:39PM  Simply Wall St.]
▶ SJW Group: Leads amongst peers with strong fundamentals   [Jul-31-17 03:23PM  Capital Cube]
▶ SJW posts 2Q profit   [Jul-27-17 03:10PM  Associated Press]
▶ SJW Group Announces 2017 Second Quarter Financial Results   [Jul-26-17 06:00PM  Business Wire]
▶ ETFs with exposure to SJW Group : July 25, 2017   [Jul-25-17 01:13PM  Capital Cube]
▶ ETFs with exposure to SJW Group : July 14, 2017   [Jul-14-17 04:50PM  Capital Cube]
Financial statements of SJW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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